How to get a mortgage with low income but good assets
I have low income about ,000 a year since divorce. But I am about to sell my house for million, and possible gain about M profit. I can put a down payment of 0,000 to down size to a house that cost about 0,000.
Is it possible for me to find a bank who can approve me for 0,000 so I can buy the house in the 0,000 range since there is nothing else below that price range in Los Angeles?
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Why would you need a mortgage to buy a 0,000 house, if you have a gain of ,000,000 from your previous house (in cash)?
But 7x your annual income is a fairly high mortgage, I guess it would be only a very few banks who would be willing to help you out with that. Remember that what is important for a bank, is your ability to service your loan - you cannot service your loan with equity stashed away in a house.
As a general rule, the amount of savings you have will not influence the amount of money you can borrow in such a situation. That being said, it is not entirely true because most banks will be willing to lend you more if you have a decent savings - but stricly speaking, theoretically, then the amount would be the same.
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